Mindtree - Q2FY2021 Result - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"Mindtree reported a 3.1% qoq growth in revenues to USD 261mn for Q2FY2021. In rupee terms revenue grew by 0.9% qoq to ₹1,926 crore while EBIDTA grew by 8.8% qoq to ₹378.4 crore. EBIDTA margins for the quarter expanded by 142bps qoq to 19.64% due to tight costs control despite rupee appreciation for the quarter. Net profit for the quarter grew by 19.1% qoq to ₹253.7 crore. During the quarter the company reported new deal wins of USD 303mn as compared to USD 361mn in Q1FY2021. While the company did post a growth in revenues it was well short of the growth posted by larger companies like Infosys and TCS. This was largely due to the company's large exposure to the Travel Tourism and Hospitality segment which is amongst the worst impacted due to the Covid-19 pandemic and due to lack of growth in the top client which accounted for 28.9% of revenues in Q2FY2021. Post the relatively subdued set of numbers for Q2FY2021 markets will look forward to management commentary for the rest of the year."

Shares of MINDTREE LTD. was last trading in BSE at Rs.1427.55 as compared to the previous close of Rs. 1553.5. The total number of shares traded during the day was 220801 in over 16197 trades.

The stock hit an intraday high of Rs. 1584 and intraday low of 1404.3. The net turnover during the day was Rs. 327642397.

Source : Equity Bulls

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